Weekly Update
Dow-1.28% S&P-1.26% Nasdaq-2.67% Russel-1.38% Nikkei -4.02% Hang Seng -1.86% Shanghai -0.71% EuroStoxx-3.59% CAC-3.08% Dax -3.22% Ibex-2.24% MIB -0.46% FTSE -1.09% SMI -1.83%
The last groans of the dismal first quarter were heard this week, as economic data and corporate earnings showed just how weak things were in the first three months of the year. Meanwhile, both the Fed and Bank of Japan held policy meetings that delivered zero new measures and very little in the way of color on the institutions' views of the malaise. Stocks sank through the week's end, while the dollar softened notably and oil and precious metals soared. However, the prevailing view in some quarters is one of good riddance to bad rubbish, as the decks are cleared for a nice move higher as the cold spring heats up. A hint of things to come were seen in the much improved European first quarter GDP data. US Treasury prices stabilized helping yields back off of recent 5 week highs, largely on the currents coming from the equity selling pressure. For the week, the DJIA lost 1.3%, the S&P500 dropped 1.3%, and the tech laden Nasdaq slumped 2.7%.
Macro :
- Greece Said to Agree With Creditors on NPLs Sale: Ekathimerini
- China April Manufacturing PMI 50.1; Est. 50.3
- China Expresses Concern Over Frequency of U.S. Steel Probes
- Italy Cabinet Approved Decree for Banks, Premier Renzi Says
- ECB’s Coeure Says Abandoning Inflation Goal Not an Option: FAS
Keep an eye on :
- AF FP : Air France-KLM Said to Pick Jean-Marc Janaillac as New CEO
- AXP US : Munger Warns of Danger Facing AmEx While Buffett Affirms Support
- AZN LN : Allergan Gets FDA Approval for First Generic of Astra’s Crestor
- AAPL US : Apple Eyes Battersea Power Station for London HQ: Sunday Times
- BPI IM : Banco Popolare, Pop. Milano to Present Plan to ECB May 16: Sole
- VCH SW : Swiss Retailer Charles Voegele Held Merger Talks with Adler: SaS
- 1COV GY : Covestro to Make Acquisitions W/ Existing Debt: Euro Am Sonntag
- DBK GY : Deutsche Bank Financial-Crime Controls Faulted by U.K. FCA: FT
- EDF FP : France Issues Decree Allowing Merger of Hydropower Concessions
- ENGI FP : Engie Debt Rating Cut to A- From A at S&P; Outlook Negative
- FER SM : Broadspectrum Investor Allan Gray to Accept Ferrovial Bid
- RMS FP : Barrons Article : Hermès Shares Could Rally as Sales Improve - http://bit.ly/1QGRDjz
- ISP IM : Intesa May Do Deal With Advent, Bain, Clessidra on Setefi: Sole
- LSE LN : Deutsche Borse Asked to Retract CEO Comment on LSE Merger
- MB IM : Mediobanca Weighs Leading Counteroffer on RCS: Repubblica
- MDVN US : AstraZeneca, Pfizer Said Among Firms Weighing Medivation Bid
- PHIA NA : Philips Said Disappointed With Lighting Bids, Leaning Toward IPO
- RNO FP : Renault Shareholders Approve Cap on French State’s Rights
- RNO FP : French Govt May Sell Renault, Safran Shrs This Year: FT
- SHP LN : Shire chief shrugs off shareholder protests - FT - http://on.ft.com/1rHmU1E
- STL NO : Statoil Says Gullfaks B Output Will Be Halted as Long as Needed
- 7312 JP : U.S. to Expand Recall of Cars With Takata Air Bags: Nikkei
- TIT IM : Telecom Italia looking at 100% control of Metroweb, including Milan subsidiary
- TIT IM : Telecom Italia CEO says new sales procedure may be launched for Inwit - Il Sole
- TEF SM : Telefónica would consider other buyers for O2 - FT - http://on.ft.com/1SAQuPY
- VOW3 GY : VW Said to Balk at Qatar Getting Executive Committee Seat: Rtrs
- YHOO US : Yahoo Bidder Shortlist Includes Close to 10 Offers: Reuters